Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

v2.3.0.15
Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
OPERATING ACTIVITIES:    
Net income (loss) $ 5,776 $ (1,493)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,676 4,210
Amortization of customer inducements 3,620 1,931
Deferred rent and lease incentive 357 128
Provision for doubtful accounts   2,668
Unrealized (gain) loss on investments 4 (7)
Impairment of customer inducement asset 174  
Deferred income taxes 2,794 709
Stock-based compensation 2,359 1,108
Interest expense 621 321
Changes in operating assets and liabilities:    
Fees receivable 544 (2,345)
Prepaid expenses and other current assets (872) (1,170)
Other non-current assets (1,077) 82
Customer inducements (1,000) (11,300)
Accrued expenses 441 1,151
Accounts payable 306 (132)
Deferred revenue (119) 57
Other non-current liabilities 204 101
Net cash provided by (used in) operating activities 18,808 (3,981)
INVESTING ACTIVITIES:    
Purchase of property and equipment (4,257) (3,378)
Capitalization of internally developed software (1,135) (962)
Repayment of notes payable (162)  
Proceeds from repayment of notes receivable   985
Increase in notes receivable   (90)
Proceeds from investments 23 26
Acquisition of businesses, net of cash acquired   (917)
Net cash used in investing activities (5,531) (4,336)
FINANCING ACTIVITIES:    
Proceeds from issuance of preferred stock   1,525
Proceeds from exercise of stock options 2,702 1,343
Net proceed from issuance of common stock   42,066
Purchase of treasury stock (94) (3,231)
Preferred stock dividends   (1,346)
Net cash provided by financing activities 2,608 40,357
INCREASE IN CASH AND CASH EQUIVALENTS 15,885 32,040
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 67,668 31,525
CASH AND CASH EQUIVALENTS, END OF PERIOD 83,553 63,565
Supplemental disclosure of cash flow information-cash paid during the period for:    
Income taxes 732 106
Supplemental disclosure of non-cash investing and financing activities:    
Leasehold improvements funded by lease incentive 491 119
Customer inducement payable   17,568
Issuance of warrant for customer inducement   2,946
Note payable assumed in a business acquisition   $ 300